Sweet Expansion: Indonesian Jelly Maker Inaco Plots $24.6 Million IPO to Fuel Regional Candy Race

JAKARTA, Investortrust.id — Indonesia’s favorite childhood gelatin treats are heading to the trading floor. PT Niramas Utama Tbk, a prominent domestic food and beverage manufacturer known across Southeast Asia for its flagship "Inaco" brand of jelly and nata de coco snacks, is finalizing preparations for an initial public offering on the Indonesia Stock Exchange (IDX).

According to the company’s preliminary prospectus published on Sunday, June 14, 2026, the company plans to issue 350 million new shares, representing 25.93% of its total post-IPO enlarged share capital. The snack maker has set an initial price guidance band between Rp 900 and Rp 1,120 per share, positioning the consumer player to raise a maximum of Rp 392 billion (approximately $24.65 million) in fresh equity funding. PT Sucor Sekuritas has been tapped to anchor the transaction as the sole lead underwriter.

Niramas Utama's debut on the local bourse serves as a critical temperature check for middle-market consumer sentiment in Southeast Asia's largest retail economy. While global macroeconomic headwinds and tighter local liquidity have weighed heavily on industrial capital expenditure, the country's massive, young demographic continues to drive steady demand for affordable, fast-moving packaged foods. By leveraging public equity markets to bankroll immediate factory expansions rather than relying purely on expensive corporate debt, Inaco is positioning itself to capture shifting snack preferences—specifically the rapid growth of the gummy candy segment—across both domestic retail aisles and broader export channels throughout Asia.

Financing a Gummy Expansion

The bulk of the capital raised from public investors will be directly channeled into downstream infrastructure. Corporate filings indicate that approximately 51.04% of the net proceeds will be funneled as an equity injection into its operational subsidiary, PT NPS.

The subsidiary will deploy the capital toward immediate capital expenditures, including the purchase, final settlement, and installation of specialized manufacturing machinery designed to ramp up production volumes for gummy candy and processed jelly lines. The manufacturing boost is intended to address capacity bottlenecks as the firm aims to capture unfulfilled demand in both local supermarkets and international regional trade networks.

Beyond raw confectionery production, Niramas Utama will allocate approximately 18.36% of the IPO capital toward logistical upgrades. This tranche is earmarked for the purchase and installation of automated warehouse infrastructure and material-handling machinery, a move aimed at expanding storage footprints and streamlining distribution logistics.

Trimming Bank Mandiri Debt

A modest portion of the public funds will be utilized to strengthen the company’s balance sheet against prevailing interest rate pressures. Management plans to allocate roughly 10.63% of the IPO proceeds to complete a partial principal repayment on its short-term revolving working capital facilities (KMK 1 and KMK 2) held with state-backed commercial lender PT Bank Mandiri (Persero) Tbk.

As of March 31, 2026, the company’s aggregate outstanding balance under these credit facilities stood at Rp 94 billion ($5.91 million). Niramas Utama plans to allocate roughly Rp 40 billion ($2.51 million) of the public capital to pay down this principal, which will reduce its remaining debt obligations to Bank Mandiri to roughly Rp 54 billion ($3.40 million). The final 19.97% slice of the IPO capital will be reserved as general working capital to fund raw material procurement, cover rising operational overheads, and finance upcoming regional marketing campaigns.

Dilution and Listing Timelines

The transaction will fundamentally reorganize the company's internal ownership structure. Prior to the public offering, the company’s capital structure consisted of 1 billion outstanding shares, with parent holding company PT Niramas Utama International controlling a dominant 99.80% stake (998 million shares) and individual investor Sadikun Wiratno holding the remaining 0.20% (2 million shares).

Once the 350 million primary shares are issued, the total base will expand to 1.35 billion shares. PT Niramas Utama International’s controlling block will be diluted down to 73.92%, while Wiratno’s fractional holding will adjust to 0.15%, leaving new public float investors with a clean 25.93% collective stake.

The financial timeline is scheduled to move at a fast clip. The institutional bookbuilding window will run from June 15 through June 22, 2026, with the Financial Services Authority (OJK) expected to issue its formal declaration of effectiveness on June 29. The public subscription window is slated to open from July 1 to July 3, 2026, leading to share allotment on July 3. Electronic distribution of shares into investor portfolios will take place on July 6, clearing the path for Inaco to officially ring the opening bell on the IDX on Tuesday, July 7, 2026.

A view of the corporate facility of food and beverage manufacturer PT Niramas Utama Tbk, the producer behind the popular Inaco snack brand. Photo: Handout/Investor Trust